Market Newsdesk

September 28, 2022 9:04 am

Newegg Celebrates Fall with FantasTech Sale II

Newegg Celebrates Fall with FantasTech Sale II

Shopping for deals on holiday tech gifts starts in October

CITY OF INDUSTRY, Calif.–(BUSINESS WIRE)–
Newegg Commerce, Inc. (NASDAQ: NEGG), a leading global technology e-commerce retailer, today announced the FantasTech Sale II, a new fall edition of its annual FantasTech Sale.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005428/en/

FantasTech Sale II Graphic

FantasTech Sale II will run Oct. 10-13, 2022, on Newegg and the Newegg app. The four-day event will offer deals on gaming PC systems, PC components, laptops, consumer electronics and other popular product categories.

“PC enthusiasts and DIY PC builders have come to expect exciting deals each summer from our annual FantasTech Sale, but we worked with our brand partners to offer another great selection of incredible deals this fall for FantasTech Sale II,” said Benny Tam, Vice President of Category Marketing and Merchandising for Newegg. “Our FantasTech Sale II is a great way to get deals on in-demand tech products and to get an early start on holiday shopping.”

About Newegg

Newegg Commerce, Inc. (NASDAQ: NEGG), founded in 2001 and based in the City of Industry, Calif., near Los Angeles, is a leading global online retailer for PC hardware, consumer electronics, gaming peripherals, home appliances, automotive and lifestyle technology. Newegg serves businesses’ e-commerce needs with marketing, supply chain, and technical solutions in a single platform. For more information, please visit Newegg.com.

Follow Newegg on Twitter, TikTok, Instagram, Facebook, YouTube, Twitch and Discord.

Cautionary Statement

This news release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including “will,” “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and certain of the other foregoing statements may be deemed forward-looking statements. Although Newegg Commerce, Inc. (“Company”) believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company’s SEC filings are available at http://www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220928005428/en/

Media:

Eric Wein

Newegg Commerce Inc.

[email protected]

Investor Relations:

Lena Cati

The Equity Group Inc.

[email protected]

212-836-9611

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Online Retail Retail Consumer Electronics Technology Software Hardware

MEDIA:

Logo

Photo

FantasTech Sale II Graphic

September 28, 2022 9:04 am

Connecticut Center For Advanced Technology, CT Community Colleges and Xometry Announce Full Tuition Scholarships For Manufacturing Students

HARTFORD, Conn., Sept. 28, 2022 (GLOBE NEWSWIRE) — The Connecticut Center for Advanced Technology (CCAT), Connecticut community colleges and Xometry, a publicly traded technology company (NASDAQ: XMTR) that helps organizations create locally resilient supply chains, will announce Xometry’s donation of full-tuition scholarships for community college students across the state studying to become the next generation of skilled machinists, technicians and engineers. Xometry celebrates the strategic role Connecticut plays in advancing domestic manufacturing and is funding the scholarships across nine community colleges with advanced manufacturing programs, including:

Asnuntuck Community College (Enfield)
Capital Community College (Hartford)
Housatonic Community College (Bridgeport)
Manchester Community College
Middlesex Community College (Middletown & Meriden)
Naugatuck Valley Community College (Waterbury & Danbury)
Northwestern Community College (Winsted)
Quinebaug Valley Community College (Danielson & Willimantic)
Tunxis Community College (Farmington)

WHO:

Dr. G. Duncan Harris, CEO, Capital Community College
Dr. Thomas Coley, EVP of Strategic Partnerships and Enterprise Performance, CT State Community College
Paul Lavoie, Chief Manufacturing Officer, State of Connecticut
Dr. Karen Wosczyna-Birch, Executive Director, College of Technology and Executive Director and Principal Investigator, National Center for Next Generation Manufacturing
Laurence Zuriff, co-Founder of Xometry, Inc. and Managing Director of Xometry’s Donor Advised Fund and ESG initiatives
Dr. Jackie Garofano, CTO, Connecticut Center for Advanced Technology

WHEN & WHERE:

11:00 AM ET, Tuesday, October 4
Asnuntuck Community College
Advanced Manufacturing Technology Center
170 Elm Street
Enfield, CT 06082

WHY:

Investing in America’s small and mid-sized manufacturers and cultivating the next generation of workers is critical to helping address supply chain concerns and inflation while also protecting the nation’s economic and national security interests. Xometry believes in the importance of manufacturing and the entrepreneurial and high-paying, high-growth opportunities it presents for skilled workers everywhere. In addition to Connecticut, Xometry is providing scholarships for nearly 250 students at community colleges in five other key manufacturing states: Maryland, Kentucky, Wisconsin, South Carolina and New York.

Contacts:

Illume PR for Xometry, Inc.
Debra Benson
[email protected]

CT State Community College
Melissa Lamar
[email protected]

September 28, 2022 9:04 am

Altair Issues New Investor Presentation Addressing Avalara’s Recent Misleading Claims About Its Proposed Sale to Vista Equity

PR Newswire

Company Appears to Manipulate Data and Overstate Avalara’s Challenges to Justify Its Disappointing Sale

Company’s Own Presentation Reinforces Altair’s Belief that the Board Chose the Wrong Time to Sell, Conducted a Flawed Sale Process and Agreed to an Inadequate Price

SANTA ROSA, Calif.
, Sept. 28, 2022 /PRNewswire/ — Altair US, LLC (“Altair” or “we”), a pre-IPO angel investor in Avalara, Inc. (NYSE: AVLR) (the “Company” or “Avalara”) and one of the Company’s largest shareholders, today released a presentation in response to Avalara’s recent, disingenuous claims about its proposed sale to Vista Equity Partners (“Vista”). The transaction is subject to a vote of shareholders at the Company’s Special Meeting of Shareholders scheduled to be held on October 14, 2022. We will vote against the transaction.

Avalara’s board chose the wrong time to sell, conducted a flawed sale process and agreed to an inadequate price

The presentation is available at: https://tinyurl.com/5fyapkdx

As outlined in the presentation, Altair believes that:

The Company is intentionally taking a pessimistic tone, in stark contrast to the optimism of its Analyst Day presentation just three months ago. We believe there is no urgent need to sell the Company. Avalara has ample cash and a bright future; its near- and long-term prospects are not meaningfully different than they were three months ago when the Company reiterated its belief that Avalara can become part of every transaction in the world.
Avalara appears to be manipulating the data, including by using new and inapposite peer groups and using varying dates and prices without explanation, to manufacture an argument that the Company is being sold at a “premium” valuation. We believe Vista’s offer price – which is well below sell-side analyst price targets prior to the deal and below Avalara’s historical valuation multiple – fails to sufficiently compensate Avalara shareholders for relinquishing their claim on Avalara’s future earnings.
The Company’s presentation fails to address some of the most troubling aspects of the deal.
The Company has not responded to concerns about the lucrative and long standing relationship between Vista and Avalara’s financial advisor, Goldman Sachs, which has received $80 million from Vista and Vista affiliates over the last two years; the Board’s failure to obtain a fairness opinion from an independent financial adviser (i.e. one that did not stand to receive over $70 million contingent upon closing of the deal); and connections between Vista and members of the Board who supported this deal. Nor has Avalara provided rationale for the Board’s decision to re-engage with Vista at a price lower than Vista’s initial indication of interest, even after the Board had terminated the sale process, nor for the Board’s decision to sell the Company during a time of macroeconomic uncertainty and capital markets volatility, which we believe had a significant negative impact on the level of interest from potential acquirers and their ability to finance a transaction and pay a fair price.

Avalara’s presentation is, in our view, disheartening evidence that the Company’s Board was not interested in helping Avalara reach its full potential and is instead seeking a sale of the Company as a means to avoid the hard work of dealing with transient headwinds.

Altair encourages shareholders to read its presentation along with its proxy materials, which are forthcoming.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
In connection with the proposed acquisition of Avalara, Inc. (the “Company”) ( NYSE: AVLR) by affiliates of Vista Equity Partners Management, LLC (the “Merger”), the Company entered into an Agreement and Plan of Merger, dated as of August 8, 2022, with Lava Intermediate, Inc., a Delaware corporation (“Parent”), and Lava Merger Sub, Inc., a Washington corporation and wholly owned subsidiary of Parent (the “Merger Agreement”). The Participants (as defined below) intend to file a definitive proxy statement and accompanying proxy card with the SEC to be used to solicit proxies for votes (the “Proxy Solicitation”) opposing the adoption of the Merger Agreement at the special meeting of shareholders (the “Special Meeting”) and regarding other proposals that may come before the Special Meeting. The Participants in the Proxy Solicitation are anticipated to be Altair US, LLC, a Delaware limited liability company (“Altair US”), and Richard Bailey (collectively, the “Participants”), the Manager of Altair US. As of the date hereof, each of the Participants may be deemed to beneficially own, in the aggregate, 850,892 shares of common stock of the Company.

THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO [email protected].

Disclaimer
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release and the material contained herein that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Altair US, LLC disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate.

ALTAIR US, LLC HAS NEITHER SOUGHT NOR OBTAINED THE CONSENT FROM ANY THIRD PARTY TO USE ANY STATEMENTS OR INFORMATION CONTAINED HEREIN THAT HAVE BEEN OBTAINED OR DERIVED FROM STATEMENTS MADE OR PUBLISHED BY SUCH THIRD PARTIES. EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, ANY SUCH STATEMENTS OR INFORMATION SHOULD NOT BE VIEWED AS INDICATING THE SUPPORT OF SUCH THIRD PARTIES FOR THE VIEWS EXPRESSED HEREIN.

About Altair US, LLC
Altair is a family office.

Investor Contact
MacKenzie Partners, Inc.
Bob Marese
(212) 929-5500

Media Contact

Stanley Rowland

Phone: (925) 708-5611
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/altair-issues-new-investor-presentation-addressing-avalaras-recent-misleading-claims-about-its-proposed-sale-to-vista-equity-301635472.html

SOURCE Altair US, LLC

September 28, 2022 9:04 am

ZK International Group Co., Ltd. Announces Record Revenue of $42.89 Million, an Increase of 1.71% for the First Half of Fiscal Year 2022

PR Newswire

WENZHOU, China, Sept. 28, 2022 /PRNewswire/ — ZK International Group Co., Ltd. (ZKIN) (“ZK International” or the “Company”), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced its unaudited financial results for the six months ended March 31, 2022.

Financial Highlights for the First Half of Fiscal Year 202
2

	For the Six Months Ended March 31,
($ millions, except per share data)	2022	2021	% Change
Revenue	$42.89	$42.17	1.71 %
Gross profit	$3.97	$4.71	-15.73 %
Gross margin	9.25 %	11.16 %	-1.91% pp*
Income (loss) from operations	$0.24	$(1.65)	114.81 %
Operating margin	0.57 %	-3.91 %	4.48% pp*
Net income (loss)	$0.001	$(1.92)	100.07 %
Diluted earnings per share	$0.00	$(0.03)	100 %
Net book value per share	$3.10	$3.11	0.32 %
* pp: percentage point(s)

Revenue increased 1.71% to a record $42.89 million due to increased market demand over our stainless steel coil and nickel material. During six months ended March 31, 2022, the sales of stainless steel coil and nickel material accounts for approximately 65.36% of our total revenue, as compared to 53.85% of our total revenue during six months ended March 31, 2021.
Gross profit decreased by 15.73% to $3.97 million. Gross margin was 9.25%, compared to 11.16% for the same period of the prior fiscal period. The decrease of gross profit was primarily due to increased sales percentage of low margin products such as stainless steel coil products and decreased sales percentage of high-margin products such as water and gas piping products.
Income from operations was $0.24 million, compared to loss from operations of $1.65 million for the same period of the prior fiscal year. Operating margin was 0.57%, compared to -3.91% for the same period of the prior fiscal year. The decrease of operating margin was primarily due to decreased selling and marketing expenses and research and development expenses.
Net income was $0.001 million. This compared to net loss of $1.92 million for the same period of the prior fiscal year.
Net book value per share was $3.10 as of March 31, 2022, compared to $3.08 as of September 30, 2021.

Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, commented, “Bucking the trend of a declining economy during the first quarter of 2022 as countries including China battled the inflation and the rise of material prices, we are pleased to report record revenue increase for the first half of fiscal year 2022. During first half of fiscal year 2022, we successfully executed our spent-cut program which aims to reduce operating expenses without impacting sales performance. With operating expenses declined 41.41%, revenue increased by 1.71% and our first half of fiscal year 2022 results underscore continuing order strength for our proprietary stainless steel and carbon steel pipe products. We are proud of what the Company and the staff has achieved for the first half of fiscal year 2022. Looking forward, we expect revenue to continue to grow for the second half of the fiscal year 2022.

Financial Results for the First Half of Fiscal Year 2
022

Revenue

Revenue increased by $721,834 or 1.71%, to $ 42,890,657 for the six months ended March 31, 2022 from $42,168,823 for the six months ended March 31, 2021. The increase in revenues was primarily driven by our increased sales of stainless steel coil and nickel material as compared to our stainless steel piping and fitting products. During six months ended March 31, 2022, the sales of stainless steel coil and strip accounts for approximately 65.36% of our total revenue, as compared to 53.85% of our total revenue during six months ended March 31, 2021.

Gross Profit

Our gross profit decreased by $740,649, or 15.73%, to $3,967,109 for the six months ended March 31, 2022 from $4,707,758 for the six months ended March 31, 2021. Gross profit margin was 9.25% for the six months ended March 31, 2022, as compared to 11.16% for the six months ended March 31, 2021. The decrease of gross profit was primarily due to increased weighted average selling prices of our water and gas piping products as the result of domestic demand recovery of construction materials and piping infrastructure. The gross profit of stainless steel coil products is approximately 0.57% due to the decrease of average selling price of stainless steel coil products, while our water and gas piping products generally have gross margin of 22.67% during six months ended March 31, 2022.

Selling and Marketing Expenses

We incurred $930,052 in selling and marketing expenses for the six months ended March 31, 2022, compared to $2,769,264 for the six months ended March 31, 2021. Selling and marketing expenses decreased by $1,839,212, or 66.42%, during the six months ended March 31, 2022 compared to the six months ended March 31, 2022. This decrease is primarily due to decreased marketing expenses paid for the marketing and promoting services provided to xSigma Corporation, a subsidiary of the Company. During the six months ended March 31, 2021, the Company entered into a Consultancy Agreement (the “Agreement”) with Dentoro Alliance LP, a company incorporated in the Republic of Ireland (the “Consultant”). Pursuant to the Agreement, the Consultant agreed to provide marketing services for the business development of xSigma Corporation, including website development, social media and community management, content creation and public relations management. In exchange for the Consultant’s services, the Company agreed to pay the Consultant 250,000 ordinary shares of the Company. The shares are valued at $3.58/share.

General and Administrative expenses

We incurred $2,232,863 in general and administrative expenses for the six months ended March 31, 2022, compared to $1,166,210 for the six months ended March 31, 2021. General and administrative expenses increased by $1,066,653, or 91.46%, for the six months ended March 31, 2022 compared to the same period in 2021. The increase is primarily due to decrease in travelling expenses and administrative staff salary.

Research and Development Expenses

We incurred $560,216 in research and development expenses for the six months ended March 31, 2022, compared to $2,419,355 for the six months ended March 31, 2021. R&D expenses decreased by $1,859,139, or 76.84%, for the six months ended March 31, 2022 compared to the same period in 2021. During the six months ended March 31, 2021, our various subsidiaries developed a DeFi exchange, a cryptocurrency trading platform, and an NFT platform, while those platforms were in late-stage development during the six months ended March 31, 2022 and therefore the related expenses decreased significantly.

Income (loss) from Operations

As a result of the factors described above, we incurred operating income of $243,977 for the six months ended March 31, 2022, compared to operating loss of $1,647,071 for the six months ended March 31, 2021, an increase of operating income of $1,891,048.

Other Income (Expenses)

Our interest income and expenses were $4,493 and $465,466, respectively, for the six months ended March 31, 2022, compared to interest income and expenses of $9,543 and $528,598, respectively, for the six months ended March 31, 2021. The decrease of interest expense is primarily due to the decrease of bank loan incurred during fiscal half year of 2022. Other income mainly consists of government grant for financial support to the Company under local government’s innovation incentive programs.

Net Income (loss)

As a result of the factors described above, we incurred net loss of $1,281 for the six months ended March 31, 2022, compared to net loss of $1,916,893 for the six months ended March 31, 2021, a increase in profit of $1,918,174.

Financial Condition

As of March 31, 2022, cash and cash equivalents, restricted cash and short-term investments totaled $5.56 million, compared to $16.16 million as of September 30, 2021. Short-term bank borrowings were $18.91 million as of March 31, 2022, compared to $21.39 million as of September 30, 2021.

Accounts receivable was $29.55 million as of March 31, 2022, compared to $27.12 million as of September 30, 2021. Inventories were $23.78 million as of March 31, 2022, compared to $20.69 million as of September 30, 2021. Accounts payable was $3.32 million as of March 31, 2022, compared to $2.16 million as of September 30, 2021.

Total current assets and current liabilities were $72.09 million and $38.04 million, respectively, leading to a current ratio of 1.90 as of March 31, 2022. This compared to total current assets and current liabilities were $78.70 million and $44.51 million, respectively, and current ratio of 1.77 as of September 30, 2021.

Net cash used in operating activities was $5.86 million for the six months ended March 31, 2022, compared to net cash used in operating activities of $4.23 million for the same period of the prior fiscal year. Net cash used in investing activities was $0.17 million for the six months ended March 31, 2022, compared to net cash provided by investing activities of $0.06 million for the same period of the prior fiscal year. Net cash used in financing activities was $1.65 million for the six months ended March 31, 2022, compared to net cash provided in financing activities of $23.82 million for the same period of the prior fiscal year.

About ZK International Group Co., Ltd.

ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the “Water Cube”, and “Bird’s Nest”, which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia.

For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company’s SEC filings please visit www.sec.gov.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantee of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company’s filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

ZK International Group Co., Ltd. and Subsidiaries
Consolidated Statements of Income and Comprehensive Income (Loss)
For the Six Months Ended March 31, 202 2 and 202 1 (Unaudited)
(IN U.S. DOLLARS, EXCEPT SHARE DATA)


	For the Six Months Ended March 31,
	2022		2021
Revenues		42,890,657	$	42,168,823
Cost of sales		38,923,548		37,461,065
Gross profit		3,967,109		4,707,758

Operating expenses:
Selling and marketing expenses		930,052		2,769,264
General and administrative expenses		2,232,863		1,166,210
Research and development costs		560,216		2,419,355
Total operating expenses		3,723,132		6,354,829

Operating Income (loss)		243,977		(1,647,071)

Other income (expenses):
Interest expenses		(465,466)		(528,598)
Interest income		4,493		9,543
Other income (expenses), net		218,277		325,539
Total other income (expenses), net		(242,696)		(193,516)

Income (Loss) before income taxes		1,281		(1,840,587)

Income tax provision		–		(76,306)

Net income (loss)		1,281	$	(1,916,893)
Net income (loss) attributable to non-controlling interests		(9,635)		(1,334,346)

Net income (loss) attributable to ZK International Group Co., Ltd.		(8,354)	$	(582,547)

Net income (loss)		1,281	$	(1,916,893)

Other comprehensive income:
Foreign currency translation adjustment		871,641		1,863,153

Total comprehensive income (loss)		872,922		(53,740)
Comprehensive income (loss) attributable to non-controlling interests		(15,437)		(1,315,874)
Comprehensive income attributable to ZK International Group Co., Ltd.		857,485		1,262,134

Basic and diluted earnings per share
Basic		–		(0.03)
Diluted		–		(0.03)
Weighted average number of shares outstanding
Basic				19,243,252
Diluted				21,743,252

ZK International Group Co., Ltd. and Subsidiaries
Consolidated Balance Sheets
As of March 31, 202 2 and September 30, 202 1 (Unaudited)
(IN U.S. DOLLARS)


	202 2 (U naudited)		2021
Assets
Current assets
Cash and cash equivalents	$	5,244,796	$	13,525,298
Restricted cash		79,170		77,906
Short-term Investment		236,619		2,560,760
Accounts receivable, net of allowance for doubtful accounts of $2,258,356 and $2,221,870, respectively		29,545,643		27,124,959
Notes receivable		—		—
Other receivables		5,229,288		2,158,120
Due from related parties		368,214		—
Inventories		26,784,418		20,689,252
Advance to suppliers		4,602,336		12,567,368
Total current assets		72,090,484		78,703,663
Property, plant and equipment, net		7,896,620		8,004,855
Right-of use asset		123,042		54,166
Intangible assets, net		9,563,588		8,749,987
Deferred tax assets		359,265		353,460
Long-term deposit		12,677,668		12,472,847
Long-term investment		25,328,632		25,323,323
TOTAL ASSETS	$	128,039,299	$	133,662,301
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,323,532	$	2,159,731
Accrued expenses and other current liabilities		5,629,919		6,875,769
Lease liability – current portion		–		26,332
Accrued payroll and welfare		1,776,071		1,853,019
Advance from customers		2,492,270		5,666,214
Due to related parties		441,359		1,072,335
Convertible debentures		2,823,364		2,823,364
Short-term bank borrowings		18,912,183		21,394,761
Other borrowing – short term portion		288,418		283,758
Income tax payable		2,354,910		2,354,832
Total current liabilities		38,042,025		44,510,115
Lease liability – long term portion		–		27,834
TOTAL LIABILITIES	$	38,042,025	$	44,537,949

Equity
Common stock, no par value, 50,000,000 shares authorized, 28,918,177 and 16,558,037 shares issued and outstanding, respectively
Additional paid-in capital		63,374,085		63,374,085
Statutory surplus reserve		2,916,539		2,914,602
Subscription receivable		(125,000)		(125,000)
Retained earnings		19,727,213		19,737,504
Accumulated other comprehensive income (loss)		3,764,433		2,898,594
Total equity attributable to ZK International Group Co., Ltd.		89,657,270		88,799,785
Equity attributable to non-controlling interests		340,004		324,567
Total equity		89,997,274		89,124,352
TOTAL LIABILITIES AND EQUITY	$	128,039,299	$	133,662,301

ZK International Group Co., Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
For the Six Months Ended March 31, 202 2 and 202 1 (Unaudited)
(IN U.S. DOLLARS)

	For the Six Months Ended March 31,
	2022		2021
Cash Flows from Operating Activities:
Net income	$	1,281	$	(1,916,893)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense		340,666		264,887
Amortization expense		(938)		6,605
Non-cash expenses		166,907		894,167
Changes in operating assets and liabilities:
Accounts receivable		(1,965,921)		6,755,242
Other receivables		(3,021,383)		2,420,300
Notes receivable		(366,474)		38,197
Inventories		(5,728,222)		428,946
Advance to suppliers		8,132,790		(9,053,966)
Accounts payable		1,123,002		(4,379,215)
Notes payable		–		(45,783)
Accrued expenses and other current liabilities		(1,185,431)		(2,084,882)
Accrued payroll and welfare		(106,869)		(466,248)
Advance from customers		(3,251,552)		2,907,425
Income tax payable		–		(3,111)
Net cash provided (used in) operating activities		(5,862,144)		(4,234,329)

Cash Flows from Investing Activities:
Proceed from disposal of property, plant and equipment		–		62,728
Purchases of property, plant and equipment		(165,772)		(4,871)
Net cash used in investing activities		(165,772)		57,857

Cash Flows from Financing activities:
Net proceeds from stock offering		–		27,340,977
Net proceeds released from (placed into) bank acceptance notes		15		–
Net proceeds released from short-term investment		2,355,010		305,222
Net proceeds from (repayment to) short-term bank borrowings		(2,820,517)		351,006
Net repayment of other borrowing		(539,337)		(156,929)
Repayments of loans of related parties		(645,521)		(1,138,134)
Cash advance to related parties		–		(2,878,572)
Net cash provided by (used in) financing activities		(1,650,350)		23,823,569

Effect of exchange rate changes on cash		87,415		386,231

Net change in cash and cash equivalents		(7,590,851)		20,033,328
Cash and cash equivalents at the beginning of year		12,835,647		3,759,535
Cash and cash equivalents at the end of year	$	5,244,796	$	23,792,863

Supplemental disclosures of cash flows information:
Cash paid for income taxes	$	–	$	167,862
Cash paid for interest expenses	$	465,465	$	524,217

CONTACT:

Di Chen

Cell Number: +86 15057357883

Email:

[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/zk-international-group-co-ltd-announces-record-revenue-of-42-89-million-an-increase-of-1-71-for-the-first-half-of-fiscal-year-2022–301635371.html

SOURCE ZK International Group Co., Ltd.

September 28, 2022 9:04 am

Rubicon Achieves AWS Smart City Competency

Rubicon Achieves AWS Smart City Competency

Designation recognizes Rubicon as an AWS Partner that helps to deploy innovative smart city solutions

LEXINGTON, Kentucky–(BUSINESS WIRE)–Rubicon Technologies, Inc. (“Rubicon”) (NYSE: RBT), a leading digital marketplace for waste and recycling and provider of innovative software-based products for businesses and governments worldwide, today announced that it has achieved Amazon Web Services (“AWS”) Smart City Competency. This designation recognizes Rubicon as an AWS Partner that helps customers and the partner community build and deploy innovative smart city solutions.

AWS is enabling scalable, flexible, and cost-effective solutions from startups to global enterprises. To support the seamless integration and deployment of these solutions, AWS established the AWS Competency Program to help customers identify AWS Partner Network (APN) members with deep industry experience and expertise.

Achieving the AWS Smart City Competency distinction differentiates Rubicon as an APN member that has demonstrated technical proficiency and proven customer success supporting city governments and city developers who are witnessing an unprecedented rate of urban growth. Rubicon is equipped to help handle the challenges that come with building smarter municipalities and more environmentally sustainable cities. As cities grow, they will require technology solutions that improve solid waste management, urban spatial planning, infrastructure, and city governance.

An example of this is Rubicon’s work with the City of Harrisonburg, Virginia. Prior to partnering with Rubicon, the City of Harrisonburg (“the City”) did not have any established solid waste or recycling routes. Drivers serviced customers through a flock approach, which resulted in longer routes with higher mileage and inefficient crossover. Solid waste operations were also paper-based, and the City was interested in digitizing their code enforcement and citizen education process. Rubicon’s team digitized all of the City’s routes. Route duration is now on average one hour shorter in residential operations, from an average of 351 minutes per route, down to 290 minutes. These reduced route durations translate to more than $100,000 in annual savings. Similarly, Rubicon helped the city cut the length of routes almost in half, from an average of 63 miles per route down to 33 miles. This reduced mileage accounts for more than $90,000 in annual savings, and approximately 230,000 pounds of CO2 emissions avoided.

“Rubicon is extremely proud of our long-standing relationship with AWS, and we are thrilled to achieve the AWS Smart City Competency,” said Conor Riffle, Senior Vice President of Smart Cities at Rubicon. “Rubicon’s mission is to end waste, which refers to waste in the physical sense, as well as wasted time and, in the case of Rubicon’s smart city technology products, wasted government resources. Rubicon’s work with AWS is enabling cities around the United States to deliver safer, more efficient public services to their residents while continuing to save tax-payer dollars year after year.”

RUBICONSmartCity™ is a proprietary, cloud-based technology suite that helps municipal governments run faster, smarter, and more effective waste, recycling, and heavy-duty municipal fleet operations. It runs on AWS, specifically Amazon Relational Database Service (Amazon RDS) and Amazon Simple Storage Service (Amazon S3).

“Speaking on behalf of historic Harrisonburg, Virginia, I am thrilled by the partnership between Rubicon and our great city,” said Harsit Patel, Support Services Manager for the City of Harrisonburg. “The annual taxpayer savings generated from utilizing Rubicon’s products allows us to put these dollars to work in other areas of the city and provide more efficient and effective government for all.”

In 2021, RUBICONSmartCity was listed in Fast Company’s World Changing Ideas Awards in the “AI & Data” and “Spaces, Places, and Cities” categories, and it was featured in the Climate Next documentary series by AWS, now available via streaming.

RUBICONSmartCity has been rolled out in more than 80 cities across the United States, including Asheville, NC; Baltimore, MD; Columbus, OH; Durham, NC; Fort Collins, CO; Fort Smith, AR; Glendale, AZ; Greenville, NC; Hartford, CT; Houston, TX; Kansas City, MO; Memphis, TN; Montgomery, AL; Santa Fe, NM; San Antonio, TX; Savannah, GA; Scranton, PA; Spokane, WA; and Roseville, CA. The solution is available for purchase on Sourcewell, the AWS Marketplace, the HGACBuy consortium, and Marketplace.city.

About Rubicon

Rubicon Technologies, Inc. (NYSE: RBT) is a digital marketplace for waste and recycling, and provider of innovative software-based products for businesses and governments worldwide. Striving to create a new industry standard by using technology to drive environmental innovation, the company helps turn businesses into more sustainable enterprises, and neighborhoods into greener and smarter places to live and work. Rubicon’s mission is to end waste. It helps its partners find economic value in their waste streams and confidently execute on their sustainability goals. To learn more, visit www.Rubicon.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Rubicon Technologies, Inc. (“Rubicon”) and its management, are inherently uncertain; factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the outcome of any legal proceedings that may be instituted against Rubicon or others following the closing of Rubicon’s business combination with Founder SPAC (the “business combination”); 2) Rubicon’s ability to meet the New York Stock Exchange’s listing standards following the consummation of the business combination; 3) the risk that the business combination disrupts current plans and operations of Rubicon as a result of consummation of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 5) costs related to the business combination; 6) changes in applicable laws or regulations; 7) the possibility that Rubicon may be adversely affected by other economic, business and/or competitive factors; and 8) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Rubicon’s Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (“SEC”), and other documents of Rubicon filed or to be filed with the SEC. Although Rubicon believes the expectations reflected in the forward-looking statements are reasonable, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. There may be additional risks that Rubicon presently does not know of or that Rubicon currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Rubicon does not undertake, and expressly disclaims, any duty to update these forward-looking statements, except as otherwise required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220928005136/en/

Investor Contact:

Sioban Hickie, ICR, Inc.

[email protected]

Media Contact:

Dan Sampson

Chief Marketing & Corporate Communications Officer

[email protected]

[email protected]

KEYWORDS: United States North America Kentucky Virginia

INDUSTRY KEYWORDS: IOT (Internet of Things) Data Management Green Technology Sustainability Technology Recycling Apps/Applications Other Transport Environment Trucking Fleet Management Artificial Intelligence Transport Automotive Software

MEDIA:

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September 28, 2022 9:04 am

Thinking about buying stock in Acumen Pharmaceuticals, Prothena Corp, Anavex Life Sciences, Ocugen, or OraSure Technologies?

PR Newswire

NEW YORK
, Sept. 28, 2022 /PRNewswire/ — InvestorsObserver issues critical PriceWatch Alerts for ABOS, PRTA, AVXL, OCGN, and OSUR.

To see how InvestorsObserver’s proprietary scoring system rates these stocks, view the InvestorsObserver’s PriceWatch Alert by selecting the corresponding link.

(Note: You may have to copy this link into your browser then press the [ENTER] key.)

InvestorsObserver’s PriceWatch Alerts are based on our proprietary scoring methodology. Each stock is evaluated based on short-term technical, long-term technical and fundamental factors. Each of those scores is then combined into an overall score that determines a stock’s overall suitability for investment.

InvestorsObserver provides patented technology to some of the biggest names on Wall Street and creates world-class investing tools for the self-directed investor on Main Street. We have a wide range of tools to help investors make smarter decisions when investing in stocks or options.

View original content to download multimedia:https://www.prnewswire.com/news-releases/thinking-about-buying-stock-in-acumen-pharmaceuticals-prothena-corp-anavex-life-sciences-ocugen-or-orasure-technologies-301635451.html

SOURCE InvestorsObserver

September 28, 2022 9:04 am

MaxLinear Partners with RFHIC to Accelerate Deployment of Ultra-Wideband 5G Power Amplifiers

MaxLinear Partners with RFHIC to Accelerate Deployment of Ultra-Wideband 5G Power Amplifiers

MaxLinear MaxLIN Linearization Technologies and RFHIC GaN RF Transistors deliver 400MHz Power Amplifier Solution with High Performance and Efficiency

CARLSBAD, Calif.–(BUSINESS WIRE)–
MaxLinear Inc. (NASDAQ: MXL) and RFHIC (KOSDAQ: 218410) today announced a collaboration to deliver a production-ready 400MHz Power Amplifier (PA) solution for 5G Macrocell radios, using MaxLinear MaxLIN™ Digital Predistortion (DPD) and Crest Factor Reduction (CFR) technologies to optimize the performance of RFHIC’s latest ID-400W series GaN RF Transistors.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005419/en/

MaxLinear and RFHIC Deliver 400MHz 5G Power Amplifier Solution (Graphic: Business Wire)

Combining RFHIC’s state-of-the-art dual-reverse GaN RF transistor ID41411DR with MaxLIN DPD and making it available as a pre-verified solution will allow Radio Access Network (RAN) product developers to rapidly deliver ultra-wideband 400MHz Macro PAs for all global 5G mid-band deployments with low emissions and high power efficiency.

“As 5G deployments continue to grow worldwide, network providers need to scale their coverage in a fast and cost-efficient manner,” said Samuel Cho, Founder and CTO of RFHIC. “We can deliver COTS and customizable solutions in a fraction of the time due to our one-stop GaN solution process. This process allows our customers to design and build their products more efficiently and get to market faster.”

“Mobile operators need new disruptive 5G radio innovations that can dramatically reduce power consumption, tower space, and cost while simultaneously delivering much higher capacity,” said Brendan Walsh, MaxLinear’s Vice President, Wireless Infrastructure. “The new ultra-wideband radios enabled by MaxLIN with RFHIC RF transistors deliver on this challenge by allowing multiple new 5G radio bands to be supported efficiently in a single Radio Unit (RU).”

More about RFHIC’s RF Transistors

RFHIC’s latest ID-400W GaN RF transistor series delivers ultra-wideband linearized performance for 5G mid-band radio applications in the 3.4 to 4.1GHz range. RFHIC’s patented FLY-Flange packaging (RF24008DKR3) greatly enhances their bandwidth support versus competing devices. For example, the ID41411DR transistor provides excellent performance for wideband signals and saturated power of 400W with an average power of 56W and linearized ALCR < -49dBc with MaxLIN technology. The ID41411DR also delivers an unmatched drain efficiency of 46% when operating at 3.9GHz.

To learn more, visit www.rfhic.com or contact us at https://rfhic.com/rfhic-contacts/.

More about the MaxLIN Solution:

MaxLIN Linearization Technologies increase the power efficiency and linearization performance of wideband power amplifiers. MaxLIN includes crest factor reduction (CFR) and digital pre-distortion (DPD) to adaptively linearize highly non-linear power amplifiers. Its advanced adaptive algorithms exceed the 3rd Generation Partnership Project (3GPP) and Federal Communications Commission (FCC) unwanted emissions requirements with margin while delivering high PA efficiencies of >50%. MaxLIN is integrated into Sierra, MaxLinear’s single-chip solution for 5G Open RAN radio units.

Additionally, MaxLIN designs are supported by radio optimization services. With this unique service offering, MaxLinear deploys proprietary machine learning (ML) algorithms to identify PA nonlinear signatures, to diagnose radio performance bottlenecks, and to optimize DPD configurations. These services rapidly enable MaxLIN customers to fully characterize and optimize their radio lineups within weeks rather than months.

Visit https://www.maxlinear.com/MaxLIN to learn more about the MaxLIN Linearization Technologies.

About MaxLinear, Inc.

MaxLinear, Inc. (NASDAQ: MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multimarket applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.

MxL and the MaxLinear logo are trademarks of MaxLinear, Inc. Other trademarks appearing herein are the property of their respective owners.

About RFHIC

RFHIC Corporation provides innovative GaN solutions that transform how the world operates, communicates, and protects. Our cutting-edge GaN technology is the core foundation of all our inventions for creating a better, faster, and more efficient world. As a global leader in designing and manufacturing GaN RF & Microwave components, we envision spurring a new era of high-powered and reliable devices for the next big change in industrial, cellular, and defense technology. Headquartered in Anyang, South Korea.

RFHIC has a US sales office in Morrisville, North Carolina, and sales distributors throughout North America, Europe, and Asia. RFHIC is an ISO9001 (International quality standard) and ISO14001 (Environmental management standard) certified company, providing reliable and dependable products worldwide. For more information, please visit www.rfhic.com.

Cautionary Note About Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of federal securities laws. Forward-looking statements include, among others, statements concerning or implying future financial performance, anticipated product performance and functionality of our products or products incorporating our products, and industry trends and growth opportunities affecting MaxLinear, in particular statements relating to MaxLinear’s collaboration with RFHIC, MaxLinear’s MaxLIN Digital Predistortion and Crest Factor Reduction technologies, including, but not limited to, with respect to the functionality, performance and benefits of the use of such technologies, and their integration with RFHIC’s ID-400W series GaN RF transistors, and the radio access network market. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from any future results expressed or implied by these forward-looking statements. We cannot predict whether or to what extent these new and existing products will affect our future revenues or financial performance. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements may contain words such as “will be,” “will,” “expected,” “anticipate,” “continue,” or similar expressions and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: intense competition in our industry and product markets; risks relating to the development, testing, and commercial introduction of new products and product functionalities; the ability of our customers to cancel or reduce orders; uncertainties concerning how end user markets for our products will develop; our lack of long-term supply contracts and dependence on limited sources of supply; potential decreases in average selling prices for our products; impacts from public health crises, such as the Covid-19 pandemic, geopolitical conflicts, such as the military conflict in Ukraine and related sanctions against Russia and Belarus, or natural disasters; and the potential for intellectual property litigation, which is prevalent in our industry. In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in MaxLinear’s filings with the United States Securities and Exchange Commission, including risks and uncertainties arising from other factors affecting the business, operating results, and financial condition of MaxLinear, including those set forth in MaxLinear’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as applicable. All forward-looking statements are qualified in their entirety by this cautionary statement. MaxLinear is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220928005419/en/

MaxLinear Inc. Press Contact:

Matthew Lea

Marketing & Public Relations

Tel: +1 760-415-2529

[email protected]

MaxLinear Inc. Corporate Contact:

Brendan Walsh

Vice President, Wireless Infrastructure Group

Tel: +1 760-692-0711

[email protected]

RFHIC Media Relations:

Grace Cho

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Mobile/Wireless Networks Hardware Data Management Consumer Electronics Technology Semiconductor Other Manufacturing Security Satellite Manufacturing Telecommunications

MEDIA:

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MaxLinear and RFHIC Deliver 400MHz 5G Power Amplifier Solution (Graphic: Business Wire)

September 28, 2022 9:04 am

QCI Completes Financing Transaction for $7,500,000 in Net Proceeds

Non-Convertible, Unsecured Term Loan Provides Funds for Growth and Working Capital

LEESBURG, Va., Sept. 28, 2022 (GLOBE NEWSWIRE) — Quantum Computing Inc. (QCI) (NASDAQ: QUBT), a leader in accessible quantum computing, has completed a financing transaction with an accredited, family office investor which provided net proceeds to QCI of $7.5 million. The transaction was structured as a non-convertible, unsecured term loan in the principal amount of $8,250,000 (the “Loan”). The Loan accumulates interest at a rate 10% per annum and matures on March 23, 2024.

“Our management team and board of directors evaluated several financing alternatives, and given current market conditions and our belief in the future of QCI, we chose a non-convertible, unsecured term loan structure to provide funds for growth and working capital,” stated Robert Liscouski, QCI’s CEO. “We believe the financing we completed gives QCI the best opportunity to fund our growth initiatives as we move into the fourth quarter of this year and 2023. With this financing, combined with our recent release of our Dirac-1 subscription service, we are confident that QCI will be in a position to execute for the future to deliver real value to end users.”

As outlined in the Letter to Shareholders on August 25, 2022, available on the company’s investor relations website here, QCI plans to accomplish the following over the next 12 months:

Expand its technical solutions offerings to other domains that will benefit from Dirac-1.
Commercialize its quantum LiDAR technology.
Deploy its quantum cybersecurity solutions by commercializing its quantum network and authentication capabilities.
Deploy its quantum solutions to U.S. government clients.
Expand the deployment of its quantum solutions to state government clients.
Expand its technical team.
Expand its technical solutions and sales teams.

This announcement is neither an offer to sell nor a solicitation of an offer to buy securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

Ascendiant Capital Markets, LLC and Revere Securities, LLC served as the placement agents on the transaction.

For more details on the financing transaction, please refer to QCI’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 28, 2022.

About Quantum Computing Inc.

Quantum Computing Inc. (QCI) (NASDAQ: QUBT) is a full-stack quantum software and hardware company on a mission to accelerate the value of quantum computing for real-world industry applications, delivering the future of quantum computing, today. The combination of QCI’s flagship ready-to-run software product, Qatalyst with its industry-leading Entropy Quantum Computing (EQC) system, Dirac 1, provides a broadly accessible and affordable enterprise quantum solution capable of solving real business problems now. QCI’s expert team in finance, computing, security, mathematics and physics has over a century of combined experience with complex technologies; from leading edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information about QCI, visit www.quantumcomputinginc.com.

Important Cautions Regarding Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Quantum Computing Inc. (the “Company”), and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. Statements in this press release that are not descriptions of historical facts are forward-looking statements relating to future events, and as such all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” “aim to,” or variations of these or similar words, identify forward-looking statements. These risks and uncertainties include, but are not limited to, those described in the Company’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company’s filings with the SEC.

Qatalyst™ is the trademark of Quantum Computing Inc. All other trademarks are the property of their respective owners.

Company Contact:

Robert Liscouski, CEO
Quantum Computing, Inc.
+1 (703) 436-2161
Email Contact

Investor Relations Contact:

Ron Both or Grant Stude
CMA Investor Relations
+1 (949) 432-7566
Email Contact

Media Relations Contact:

Seth Menacker
Fusion Public Relations
+1 (201) 638-7561
[email protected]

September 28, 2022 9:04 am

HeartBeam Granted Patent for Signal Transformation from Vector Electrocardiogram (VECG) to 12-Lead Electrocardiogram (ECG)

HeartBeam Granted Patent for Signal Transformation from Vector Electrocardiogram (VECG) to 12-Lead Electrocardiogram (ECG)

Patented Technology Allows HeartBeam AIMIGo™ Credit Card-sized Device to Enable a 12-lead ECG Anytime, Anywhere

SANTA CLARA, Calif.–(BUSINESS WIRE)–HeartBeam, Inc. (NASDAQ: BEAT), a cardiac technology company that has developed the first and only 3D-vector ECG platform for heart attack detection anytime, anywhere, announced today that its patent that enables generation of a synthesized 12-lead ECG by the HeartBeam AIMIGo™ credit card-sized device was issued by the United States Patent and Trademark Office. The innovation opens the pathway for a patient to record a set of signals using HeartBeam AIMIGo outside of a medical setting with a diagnostic synthesized 12-lead ECG immediately transmitted to a physician for review and diagnosis. Unlike single-lead ECG products currently in the marketplace, such as other credit card sized devices or smartwatches, the HeartBeam technology is intended to quickly and accurately help a physician identify a heart attack (myocardial infarction).

In the US, approximately 18 million individuals have coronary artery disease putting them at an increased risk for a heart attack and making them ideal candidates for remote patient heart attack detection. In contrast, the market for atrial fibrillation, the most targeted condition for detection by single-lead ECG technologies, is several times smaller. A 12-lead ECG is the standard of care for detecting any cardiac condition and is considered one of the essential tools for heart attack detection. No single lead ECG product currently in the marketplace is able to help diagnose a heart attack. HeartBeam’s technology will be the first and only 12-lead ECG solution that fits in a consumer’s wallet for use anytime, anywhere.

“This patent provides additional intellectual property protection for our breakthrough AIMIGo technology offering 12-lead ECG capability in the form of a credit card-sized device with the same footprint as the single-lead products currently in the market today,” said HeartBeam CEO and Founder Branislav Vajdic, PhD. “Our 12-lead AIMIGo technology, which is part of our granted patent, offers the potential to bring a level of diagnostic accuracy consistent with the current 12-lead ECG standard of care. This could reduce the critical time to intervention for heart attack patients, saving lives and reducing healthcare costs by ruling out a heart attack and reducing the number of emergency room visits.”

The newly issued patent (No. 11,445,963 B2) expands on HeartBeam’s granted and pending core patents for remote heart attack detection. The value of the recently granted 12-lead ECG patch patent is in addressing the market need for multi-week, continuous monitoring while the AIMIGo solution is always with the patient, providing a means for timely heart attack intervention. This may increase quality of life for cardiac patients by reducing the fear of chest pain and provide added peace of mind. At the core of both products is HeartBeam’s breakthrough ability to provide a patient-friendly means of obtaining a 12-lead ECG anytime, anywhere.

“The availability of a remote 12-lead ECG transmitted to a physician while the patient is symptomatic and outside of a medical facility allows a standard of care level of diagnostic work in any setting and may potentially accelerate pre-hospital care,” said C. Michael Gibson, MD, MS, CEO of the non-profit Baim and PERFUSE research institutes at Harvard Medical School, also a leading digital influencer, and Chairman of HeartBeam’s Scientific Advisory Board. “A 12-lead symptomatic signal combined with a 12-lead baseline signal would provide additional information to aid in diagnosing conditions such as myocardial infarction or more complex arrhythmias that current single-lead remote cardiac technologies cannot accurately detect.”

About HeartBeam, Inc.

HeartBeam, Inc. (NASDAQ: BEAT) is a cardiac technology company that has developed the first and only 3D-vector ECG platform for heart attack detection anytime, anywhere. By applying a suite of proprietary algorithms to simplify vector electrocardiography (VECG), the HeartBeam platform enables patients and their clinicians to determine if symptoms are due to a heart attack, quickly and easily, so care can be expedited, if required. HeartBeam has two patented products in development. HeartBeam AIMI™ is software for acute care settings that provides a 3D comparison of baseline and symptomatic 12-lead ECG to more accurately identify a heart attack. HeartBeam AIMIGo™ is the first and only credit card-sized 12-lead output ECG device coupled with a smart phone app and cloud-based diagnostic software system to facilitate remote heart attack detection. HeartBeam AIMI and AIMIGo have not yet been cleared by the US Food and Drug Administration (FDA) for marketing in the USA or other geographies. For more information, visit HeartBeam.com.

Forward-Looking Statements

All statements in this release that are not based on historical fact are “forward-looking statements.” While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our in our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220928005074/en/

Investor Relations Contact:

Chris Tyson

Executive Vice President

MZ North America

Direct: 949-491-8235

[email protected]

www.mzgroup.us

Media Contact:

Capwell Communications

[email protected]

949-999-3303

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Health Medical Devices Technology Other Technology Software General Health Cardiology

MEDIA:

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September 28, 2022 9:04 am

DIAMONDROCK HOSPITALITY COMPLETES $1.2 BILLION REFINANCING

PR Newswire

BETHESDA, Md., Sept. 28, 2022 /PRNewswire/ — DiamondRock Hospitality Company (the “Company”) (NYSE: DRH) today announced that it successfully refinanced its primary unsecured credit facility to further enhance the strength and flexibility of its balance sheet. The Company entered into an amendment and restatement of its existing $750 million credit facility (the “Credit Facility”), increasing the total Credit Facility to $1.2 billion and extending the Company’s maturity schedule. The Credit Facility is comprised of a $400 million revolving credit facility, a $300 million term loan with a maturity in January 2026, inclusive of a one-year extension option, and a $500 million term loan maturing in January 2028. The revolving credit facility matures in September 2027, inclusive of two six-month extension options. The facilities will bear interest pursuant to a leverage-based pricing grid ranging from 1.35% to 2.25% over the applicable adjusted term SOFR.

“Balance sheet flexibility and liquidity are essential to take advantage of capital allocation opportunities in this environment,” stated Mark W. Brugger, President and Chief Executive Officer. “This financing achieved our objective of expanding investment capacity while enhancing DiamondRock’s conservative balance sheet. We expect to end the year with liquidity in excess of $600 million with no near-term debt maturities and 30 hotels unencumbered by secured debt.”

“We appreciate the support our lending partners provided to meaningfully upsize our corporate borrowings in this environment,” stated Jeff Donnelly, Executive Vice President and Chief Financial Officer.

The Company utilized the proceeds from the term loans to repay the $350 million term loan in the prior facility, the $50 million term loan facility that was scheduled to mature in October 2023 and the $150 million that was outstanding on its revolving credit facility. The Company plans to utilize the remaining proceeds to repay its 2023 mortgage loan maturities over the next 90 days. Upon the repayment of the mortgage loans, the Company will have no debt maturities until August 2024.

The following table illustrates the Company’s debt maturity schedule reflecting this financing and the payoffs described above.

	2022	2023	2024	2025	2026	2027	2028
	(in millions)
Corporate Debt
Unsecured Term Loans	–	–	–	–	$ 300.0	–	$ 500.0
$400M Senior Unsecured Credit Facility	–	–	–	–	–	$ –	–
Total Corporate Debt	$ –	$ –	$ –	$ –	$ 300.0	$ –	$ 500.0

Mortgage Debt
Courtyard Manhattan/Midtown East	–	–	$ 76.6	–	–	–	–
Worthington Renaissance Fort Worth Hotel	–	–	–	$ 76.1	–	–	–
Hotel Clio	–	–	–	$ 57.8	–	–	–
Westin Boston Seaport District	–	–	–	$ 179.6	–	–	–
Total Mortgage Debt	$ –	$ –	$ 76.6	$ 313.5	$ –	$ –	$ –

Total Debt	$ –	$ –	$ 76.6	$ 313.5	$ 300.0	$ –	$ 500.0

NOTE: The amounts above reflect debt balances as of September 30, 2022 and assumes the exercise of all extension options.

About the Company

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 34 premium quality hotels with over 9,500 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company’s website at www.drhc.com.

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “forecast,” “plan” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; negative developments in national and local economic and business conditions, including but not limited to, rising inflation and interest rates, job loss or growth trends, an increase in unemployment or a decrease in corporate earnings and investment; operating risks associated with the hotel business; risks associated with the level of the Company’s indebtedness; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company’s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

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SOURCE DiamondRock Hospitality Company